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Albumin Market Expected to Reach $9.9 Billion by 2032—Allied Market Research

 
2022
Albumin Market

Report Code : A02251

quote Rise in plasma donations, a surge in the utilization of albumin for surgical intervention, and increasing R & D for various pharma & non-pharmaceutical applications are expected to drive the market. quote

Roshan Deshmukh - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Albumin Market," The albumin market was valued at $5.4 billion in 2022, and is estimated to reach $9.9 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.

The albumin market has witnessed growth driven by the increasing awareness among healthcare providers regarding the effective utilization of albumin products in postoperative care. Healthcare professionals are increasingly recognizing albumin's significance in addressing protein deficiencies and facilitating optimal recovery post-surgeries. This recognition has led to a rise in the integration of albumin-based interventions in clinical practices. The rise in awareness highlights albumin's role in enhancing patient outcomes and promotes its broader adoption in healthcare settings. Thus, the collaborative efforts between healthcare providers and albumin applications are fostering market growth and are shaping more effective and comprehensive postoperative care strategies for improved patient well-being. 

However, the albumin market faces challenges owing to stringent regulatory requirements and the elevated cost of albumin products. Stringent regulations governing the production and distribution of pharmaceutical-grade albumin demand rigorous adherence to quality standards, slowing down the approval process. In addition, the high production costs associated with ensuring the purity and safety of albumin contribute to elevated product prices, limiting market accessibility. Despite the increasing demand, these factors create barriers for market entry, hindering the growth potential of the albumin market and necessitating a careful balance between compliance and cost-effectiveness in the industry.  

On the basis of type, the market is categorized into human serum albumin, bovine serum albumin, and recombinant albumin. The human serum albumin segment accounted for the largest albumin market share in 2022 and is also expected to register the fastest CAGR during the forecast period. This is attributed to the widespread use and diverse applications of human serum albumin in various medical interventions. As a critical component of blood plasma, human serum albumin finds extensive utilization in therapeutic treatments, including fluid resuscitation, wound healing, and the management of hypoalbuminemia and are also the albumin market trends. Its compatibility with the human body and ability to address protein deficiencies contribute to its prominence in medical applications. The growing prevalence of conditions requiring albumin supplementation further propels the demand for human serum albumin, driving the albumin market growth. 

On the basis of application, it is classified into therapeutics, drug formulation & vaccines, component of media, and others. The therapeutics segment dominated the albumin market share in 2022 and is expected to register the fastest CAGR during the forecast period, owing to the increasing recognition of albumin's therapeutic benefits across diverse medical applications. Its role in addressing critical health challenges such as liver diseases, trauma, and surgical interventions and ability to maintain fluid balance, transport crucial substances, and mitigate protein deficiencies underscores its significance in therapeutic treatments. In addition, ongoing R&D efforts continue to unveil new therapeutic applications for albumin, further propelling its demand and driving albumin market opportunity.
 
On the basis of sales channel, the albumin market analysis is segmented into business to business (B2B) and business to consumer (B2C). The business to business (B2B) segment accounted for the largest albumin market size in terms of revenue in 2022 and is expected to maintain its lead during the forecast period owing to increased collaborations and partnerships among pharmaceutical and biotech companies. The B2B model facilitates bulk purchases, ensuring a steady supply of albumin for research, manufacturing, and development activities, thus driving market growth. However, the B2C segment is expected to register the fastest CAGR in the albumin market forecast period owing to direct sale of products from a business (such as pharmaceutical and biotech companies) to individual consumers or end-users. This approach enhances market accessibility, fosters customer engagement, and potentially leads to increased sales and market share, as businesses establish direct connections with end-users in the dynamic albumin market. 

On the basis of region, North America has the largest albumin market size in terms of revenue in 2022 and is expected to maintain its lead during the forecast period owing to growing access to advanced technologies and a well-developed network of healthcare & research facilities. In addition, the growing aging population and high incidence of diseased conditions owing to surgical interventions, contribute to the sustained demand for albumin products. However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period, owing to increasing healthcare infrastructure development, rising awareness about albumin applications, a surge in surgical procedures, and growing initiatives taken by key players by adopting new strategies. 

Key findings of the study 
•    On the basis of type, the human serum albumin segment dominated the albumin industry in terms of revenue in 2022 and is anticipated to grow at fastest CAGR during the forecast period. 
•    On the basis of application, the therapeutics segment dominated the market in terms of revenue in 2022 and is anticipated to grow at fastest CAGR during the forecast period. 
•    On the basis of sales channel, the B2B segment dominated the albumin industry in terms of revenue in 2022. However, the B2C segment is anticipated to grow at the fastest CAGR during the forecast period. 
•    Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

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quote Albumin Market by Type (Human Serum Albumin, Bovine Serum Albumin, Recombinant Albumin), by Application (Therapeutics, Drug Formulation and Vaccines, Component of Media, Other), by Sales Channel (B2C, B2B): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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